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The 42-year-old will be recognized for his 'unique contributions to Latin music' in the awards gala held in March.
Nelly Furtado wins Best Pop Vocal Album, Female, and Alejandro Sanz takes home Best Pop Vocal Album, Male.
The two Latin musicians receive four nods each, including Album of the Year, when Latin Recording Academy executives announced this year's nominees on September 8.
Alicia Keys teams up with Alejandro Sanz, Calle 13 make a duet with Ruben Blades, and Laura Pausini has a solo performance at the Latin Grammys.